PEARCE STANDS UP FOR RURAL COMMUNITIES ACCESS TO FINANCIAL PRODUCTS

Apr 5, 2017 Issues: Financial Services

Washington, DC (April 5, 2017) Congressman Steve Pearce today questioned Consumer Financial Protection Bureau (CFPB) Director Cordray during the Director’s semi-annual appearance before the House Committee on Financial Services Committee.

“Access to financial products is an essential part of everyday life. Whether it’s for fixing a broken car part, buying a home, or paying for an unexpected emergency, Americans rely on having choice and options that fit their consumer needs. All too often, I hear from people in rural and underserved areas that are struggling to find access to financial products that larger, more urban communities have,” stated Rep. Pearce. “It’s obvious that places like Luna County, NM with 8 people per square mile have different consumer needs than places like New York City that have 69,000 people per square mile. With this in mind, CFPB continues to enact rules that only hurt rural New Mexico communities by chocking off their access to these essential financial products.”

“In most cases, private capital and big financial institutions don’t open small branches. For all these reasons, I have fought since the creation of the CFPB to get greater protections put in place for rural communities who have little to no access to options,” stated Rep. Pearce. “It is time to end the assault on rural and underserved American communities and put financial freedom and choice back in the hands of the consumers where it belongs.”

Watch Rep. Pearce’s questioning from today’s hearing below.

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